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German annual inflation lowest in nearly 3 years

Annual harmonized inflation in Germany slowed to 0.9% in September, the lowest level in nearly three years, from 1.0% in August, provisional data from the country's Federal Statistical Office showed.

The European Central Bank, which recently rolled out a stimulus package, targets an inflation level of just under 2% for the eurozone.

On a monthly basis, the harmonized inflation index declined 0.1%.

In nonharmonized terms, annual inflation eased to 1.2% in September from 1.4% in the previous month. Food prices climbed 1.3% year over year while energy prices fell 1.1%. On a monthly basis, consumer prices were unchanged.

The Econoday consensus estimate was for a 1.3% yearly growth and 0.1% monthly gain in consumer prices in nonharmonized terms.